CrowdProperty loanbook hits £25m

CROWDPROPERTY has passed the £25m lending milestone on its platform after funding its 56th project.

The peer-to-peer property development lender said more than 6,000 investors have now helped develop 451 homes worth almost £70m in the UK, with its loanbook standing at £25.25m.

Read more: CrowdProperty promises more projects for investors

“Our continued rapid growth is testament to the pains we are solving for lenders, borrowers and the wider need for housing supply in the UK,” Mike Bristow (pictured), chief executive of CrowdProperty, said.

“Since 2014 we have relentlessly focused on solving these pains by building deep expertise-led, tech-enabled robust systems, processes and value chain disruption to highly efficiently and highly effectively match and secure the supply and demand of capital.

“As the sector grows, it’s important to remember that this asset class was only accessible to institutions in the past – our model gives retail lenders direct access to first charge secured returns that due to tech-enabled efficiency delivers a better deal for lenders and borrowers.

“It is therefore inevitable that demand on both sides of our marketplace will continue to rapidly grow to fulfil this market potential.”

CrowdProperty reported last month that investors have now earned almost £1m from lending through its platform.

The newest Peer-to-Peer Finance Association member said that lenders have earned £867,091 of interest and £9.2m in capital repayments since it launched in 2014.

Read more: CrowdProperty funds £925,000 project in under 10 minutes